GMR Infra arm raises Rs 225.6 cr in debt

GMR Infrastructure said Monday its step down arm GMR Bajoli Holi Hydropower (GBHHPL) has inked an agreement for investment of Rs 225.6 crore via compulsorily convertible debentures in GBHHPL by TNB Topaz Energy, an arm of Tenaga Nasional Berhad.

"GMR Bajoli Holi Hydropower Private Ltd (GBHHPL), a subsidiary of GMR Energy Ltd and a step down subsidiary of GMR Infrastructure Limited, today announced the signing of definitive agreement for an investment of Rs 225.6 crore through the CCDs in the GBHHPL by TNB Topaz Energy SDN Bhd, a wholly owned subsidiary of Tenaga Nasional Berhad (TNB)," a GMR Infrastructure statement said.

According to the statement, the proceeds from the CCDs will be used for the construction of 180 MW run of the river Bajoli Holi project. The hydroelectric project is under advanced stage of construction on river Ravi in the state of Himachal Pradesh.

Commenting on this Srinivas Bommidala, Chairman - Energy and International Airports, GMR Group, said, "TNB are our partners in GMR Energy Limited, our holding company for investments in energy sector. We are delighted about TNB's decision to invest at a project level, and welcome their investment in Bajoli Holi project. This re-emphasises our strong partnership, and we look forward to a long and prosperous relationship".

GMR Energy Ltd (GEL) is a joint venture between GMR Group and Tenaga Nasional Berhad (Tenaga) of Malaysia. It has diversified power portfolio of4,029 MW, of which 2,299 MW of Coal, Gas and Renewable power plants are operational, 180 MW of hydro power projects is under advanced stages of construction and 1550 MW are under various stages of development.

GMR Group holds 52 per cent stake in GMR Energy, while Tenaga holds 30 per cent. The remaining share is held by Private equity investors.